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NO INCOME VERIFICATION
Up to 100% Financing Available…
No Need to Document Income!

Do you need financing but your income is difficult to substantiate? Or you just don't want to be bothered with all the customary bank documentation?

Mortgage Of New York  has the answer for you! A No-Income Verification loan!
Up to 100% financing is available for no- income verification mortgages (NIV)…with interest rates that are only slightly higher than normal mortgages.
Of course, the more information that can be documented, the lower the interest rate…and the credit history and property value become less critical.

There are three types of NIV loans:

Stated Income
You fill out a complete application, stating your employment and income. Your employment will be verified but no documentation or verification of income is required. Bankers usually look for a minimum of two to three years of self-employment history, or employment history in the same field.
Your ability to afford the loan is based on the income stated on the application. The claimed income must be in line with your occupation.
The actual loan approval is based on your credit history, verified liquid assets, and the value of the property. Verified assets should be consistent with the income claimed (for example, six months of the stated income in savings, prior to the closing). In addition, many banks look for six months of post-closing reserves (based on the monthly carrying costs of the property).

No Ratio
Similar to the Stated Income program except that no income information is provided or verified.

No Documentation
No employment or income information is provided or verified. Approval is based on down payment, credit history, and property value. Some programs still require asset documentation, while others do not.

Mortgage Of New York  will help you get the financing you need at the lowest possible rates available.